How Coca-Cola Uses Entrepreneurs (And Keurig) To Jump-Start Innovation
Synopsis: Through its Coca-Cola Founders Platform, Coke has been investing in a number of promising entrepreneurs even before they have business plans. The Founders Platform has a portfolio of 12 startups in 10 countries, creating two potential benefits: future financial growth for Coke, plus solutions to thorny business problems like product restocking and marketing to Millennials. Coke maintains the startups as separate, independent entities. It provides seed funding, becomes the first customer, and then takes a minority share if and when the business becomes viable.
Examples: Vending Analytics tailors the mix and frequency of restocking in each vending machine uniquely, instead of, for example, treating all the restocking requirements in vending machines in sports stadiums the same way. Wonolo matches merchandisers that need stocking assistance with people seeking temporary work. Winnin, based in Rio de Janeiro, targets teenagers looking for online videos. Winnin does this through “battles,” where teens compete to create the best playlists.
Question: Does your company have core business problems and marketing challenges that you’d like to point creative startup minds at?